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Mortgage Loans

A mortgage loan permits the borrower to spread the cost of buying or building a home over a period of years. The debt is secured by a lien on the property.

How It Works:

The customer completes a mortgage loan application. The loan officer orders a credit check, appraisal, and verifies the application. The loan package is reviewed and a decision is made. When the loan is approved, a title check and appropriate insurance are required before closing.

Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.